Deputy Humphreys discusses finding of Mortgage Arrears Report

Fine Gael TD for Cavan-Monaghan Heather Humphreys has said that the Keane report represents a starting point for addressing the serious problems with regard to mortgage arrears.

Speaking in the Dail on the Report by the Interdepartmental Group on Mortgage Arrears, Deputy Humphreys said that the issue of mortgage arrears was one which was affecting families across the country on a daily basis.

Referring to recent figures from the Central Bank which found that 45,000 households were now in arrears for more than 90 days, Deputy Humphreys said,

“It is sometimes easy during the course of a debate for the statistics to go over our heads without our absorbing their meaning but in this instance we are all aware of the 45,000 households figure. We have seen the faces of the people behind those figures and encountered the families who are desperately trying to hang on to their homes. We have met those parents who are having sleepless nights because they do not know if they will be able to keep a roof over their children’s heads, this is the human tragedy.

“We are all aware of how we came to this juncture. Unfortunately, the lack of supervision and regulation in our banks meant that loans were given to people who should never have got them.

“While it is important that we learn from the mistakes of the past to ensure they are not repeated, it is time to move on from analysis of how we got here. It is time to start looking for solutions. The Keane report represents a good starting point. The aim of this report is to help those who bought their houses at the height of the boom and who have since lost their jobs owing to circumstances completely outside of their control. As a result of substantial loss of income, they can no longer meet their repayments.

“We must acknowledge the difference between those who cannot afford to pay their mortgages and those who choose not to pay them. The core objective of Government must be to ensure families are in a position to remain in their homes. It is clear there is no single remedy that will alleviate the mortgage crisis we face. Instead the situation must be examined on a case by case basis. Different circumstances apply to different households.

“The Keane report is by no means the finished article but it represents a starting point we can build upon. It is important the Government engages with the relevant agencies and groups with a view to building on the findings and recommendations of this report. Groups such as MABS have a long-standing and excellent record of assisting people in difficult financial circumstances. It is important the group’s experience and skills are used to good effect when progressing this matter. We must build on MABS’s strength and further expand the existing skill set. During my time as a credit union manager, I worked closely with MABS and I have first-hand experience of the great work it does and the respect it enjoys from both clients and creditors.”

Fine Gael TD for Cavan-Monaghan Heather Humphreys has said that the Keane report represents a starting point for addressing the serious problems with regard to mortgage arrears.

Speaking in the Dail on the Report by the Interdepartmental Group on Mortgage Arrears, Deputy Humphreys said that the issue of mortgage arrears was one which was affecting families across the country on a daily basis.

Referring to recent figures from the Central Bank which found that 45,000 households were now in arrears for more than 90 days, Deputy Humphreys said,

“It is sometimes easy during the course of a debate for the statistics to go over our heads without our absorbing their meaning but in this instance we are all aware of the 45,000 households figure. We have seen the faces of the people behind those figures and encountered the families who are desperately trying to hang on to their homes. We have met those parents who are having sleepless nights because they do not know if they will be able to keep a roof over their children’s heads, this is the human tragedy.

“We are all aware of how we came to this juncture. Unfortunately, the lack of supervision and regulation in our banks meant that loans were given to people who should never have got them.

“While it is important that we learn from the mistakes of the past to ensure they are not repeated, it is time to move on from analysis of how we got here. It is time to start looking for solutions. The Keane report represents a good starting point. The aim of this report is to help those who bought their houses at the height of the boom and who have since lost their jobs owing to circumstances completely outside of their control. As a result of substantial loss of income, they can no longer meet their repayments.

“We must acknowledge the difference between those who cannot afford to pay their mortgages and those who choose not to pay them. The core objective of Government must be to ensure families are in a position to remain in their homes. It is clear there is no single remedy that will alleviate the mortgage crisis we face. Instead the situation must be examined on a case by case basis. Different circumstances apply to different households.

“The Keane report is by no means the finished article but it represents a starting point we can build upon. It is important the Government engages with the relevant agencies and groups with a view to building on the findings and recommendations of this report. Groups such as MABS have a long-standing and excellent record of assisting people in difficult financial circumstances. It is important the group’s experience and skills are used to good effect when progressing this matter. We must build on MABS’s strength and further expand the existing skill set. During my time as a credit union manager, I worked closely with MABS and I have first-hand experience of the great work it does and the respect it enjoys from both clients and creditors.”